PASTORAL TAXATION Sample Clauses

PASTORAL TAXATION. In the Church of the Brethren, pastors are not self-employed, but are rather common-law employees of the congregation who are exempt from FICA (Federal Insurance Contributions Act) but are subject to SECA (Self Employment Contributions Act). Employers of pastors are prohibited from withholding FICA (Social Security & Medicare) taxes for them, as they do for their non-pastor employees. Thus, pastors are required to pay self- employment taxes on all income earned as pastors to contribute to Social Security & Medicare. Employers of pastors may, however, withhold federal (and state and local, if required) income taxes for the pastor so that the pastor does not have to make estimated tax payments. This should occur upon request of the pastor and upon receipt from the pastor of IRS Form W-4. Types of Taxes • Federal (and State and Local) Income Taxes • FICA (Federal Insurance Contributions Act) Taxes are taxes on Social Security and Medicare income, and are paid half by the employer and half by the employee through employer withholding. • SECA (Self-Employment Contributions Act) Taxes are essentially both halves of FICA taxes, paid by the self-employed person. They accomplish the same result: full payment of taxes due for Social Security and Medicare for the pastor. States and municipalities vary on whether they tax housing exclusions and parsonage adjustments. This brief description is meant to be a resource but should not be considered tax advice. Please consult with a knowledgeable clergy tax professional. IRS FORM W-2 IRS operates a centralized call site to answer questions about reporting information on W-2 forms. If you have any questions about completing a Form W-2, call the IRS at 0-000-000-0000. Social Security operates a Business Services Online Portal for Employers where you can electronically file Forms W-2 and W-3 (total of all Forms W-2) for free: xxxxx://xxx.xxx.xxx/bso/bsowelcome.htm COMPLETING THE PASTOR'S W-2 IRS FORM W-2 BOX NUMBERS PAGE 7 TABLE CELLS: CONGREGATIONC PASTORP Box 1: Wages, tips, other compensation ( 1C + 9C ) MINUS ( 2cP + 3aC + 3bP + 4aP [Codes D, E, F, G, H only] + 5aP + 6aP + 6bP + 6cP + 7aP + 7bP + 7cP ) Box 2: Federal income tax withheld **see note below** Box 3: Social security wages Leave blank or enter $0.00 Box 4: Social security tax withheld Leave blank or enter $0.00; **see note below** Box 5: Medicare wages and tips Leave blank or enter $0.00 Box 6: Medicare tax withheld Leave blank or enter $0.00; **see note below**...
Sample 1Sample 2Sample 3
AutoNDA by SimpleDocs
PASTORAL TAXATION. Pastors are not self-employed, but are rather common-law employees of the congregation who are exempt from FICA (Federal Insurance Contributions Act) but are subject to SECA (Self Employment Contributions Act). Employers of pastors are prohibited from withholding FICA (Social Security & Medicare) taxes for them, as they do for their non-pastor employees. Thus, pastors are required to pay self-employment taxes on all income earned as pastors. Employers of pastors may, however, withhold federal (and state and local, if required) income taxes for the pastor so that the pastor does not have to make estimated tax payments.
Sample 1
PASTORAL TAXATION. 39 Pastors are not self-employed, but are rather common-law employees of the 40 congregation who are exempt from FICA (Federal Insurance Contributions Act) 41 but are subject to SECA (Self Employment Contributions Act). 42 43 Employers of pastors are prohibited from withholding FICA (Social Security & 44 Medicare) taxes for them, as they do for their non-pastor employees. Thus, pas- 45 tors are required to pay self-employment taxes on all income earned as pastors. 46 Employers of pastors may, however, withhold federal (and state and local, if re- quired) income taxes for the pastor so that the pastor does not have to make es- 1 timated tax payments. 2 Types of Taxes 4 • Federal Income Tax 5 • FICA Taxes are taxes on Social Security and Medicare income, and are paid ha 6 by the employer and half by the employee through employer withholding. 7 • Self-Employment Taxes are essentially both halves of FICA taxes. They ac- 8 complish the same result: full payment of taxes due for Social Security and 9 Medicare for the pastor. 10 States and municipalities vary on whether they tax 11 housing exclusions and parsonage adjustments. 12 Please consult with a knowledgeable clergy tax professional. 13 IRS FORM W-2 15 16 IRS operates a centralized call site to answer questions about reporting 17 information on W-2 forms. If you have any questions about completing a 18 Form W-2, call the IRS at 0-000-000-0000 Monday through Friday, 19 8:30am through 4:30pm Eastern time. 20 Social Security operates a Business Services Online Portal for Employers 22 where you can electronically file Forms W-2 and W-3 (total of all Forms W-2) 23 for free: xxx.xxx.xxx/xxx/xxxxxxxxxx.xxx 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 1 Church of the Brethren 2 Guidelines For Pastors’ Salaries And Benefits 3 Pastoral Compensation and Benefits Advisory Committee 4 and the Office of Ministry Approved 07/1999 Revised 10/2007 Revised 06/2019 Revised 01/2000 Revised 10/2009 Revised 10/2021 Revised 10/2002 Revised 10/2010 Revised 10/2003 Revised 06/2017 9 11 I. Introduction 12 II. Compensation
Sample 1

Related to PASTORAL TAXATION

  • Council Tax Payment of Council tax will normally be the responsibility of the Tenants in the Property. However, landlords should be aware that where a property is empty, let as holiday accommodation, or let as a house in multiple occupation (HMO) responsibility for payment of council tax then rests with the owner of the Property.

  • Internal Taxation 1. The Parties shall refrain from any measure or practice of an internal fiscal nature establishing, whether directly or indirectly, discrimination between the products of one Party and like products originating in the other Party.

  • Taxation The Depositary will, and will instruct the Custodian to, forward to the Company or its agents such information from its records as the Company may reasonably request to enable the Company or its agents to file the necessary tax reports with governmental authorities or agencies. The Depositary, the Custodian or the Company and its agents may file such reports as are necessary to reduce or eliminate applicable taxes on dividends and on other distributions in respect of Deposited Securities under applicable tax treaties or laws for the Holders and Beneficial Owners. In accordance with instructions from the Company and to the extent practicable, the Depositary or the Custodian will take reasonable administrative actions to obtain tax refunds, reduced withholding of tax at source on dividends and other benefits under applicable tax treaties or laws with respect to dividends and other distributions on the Deposited Securities. As a condition to receiving such benefits, Holders and Beneficial Owners of ADSs may be required from time to time, and in a timely manner, to file such proof of taxpayer status, residence and beneficial ownership (as applicable), to execute such certificates and to make such representations and warranties, or to provide any other information or documents, as the Depositary or the Custodian may deem necessary or proper to fulfill the Depositary’s or the Custodian’s obligations under applicable law. The Holders and Beneficial Owners shall indemnify the Depositary, the Company, the Custodian and any of their respective directors, employees, agents and Affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained. If the Company (or any of its agents) withholds from any distribution any amount on account of taxes or governmental charges, or pays any other tax in respect of such distribution (i.e., stamp duty tax, capital gains or other similar tax), the Company shall (and shall cause such agent to) remit promptly to the Depositary information about such taxes or governmental charges withheld or paid, and, if so requested, the tax receipt (or other proof of payment to the applicable governmental authority) therefor, in each case, in a form satisfactory to the Depositary. The Depositary shall, to the extent required by U.S. law, report to Holders any taxes withheld by it or the Custodian, and, if such information is provided to it by the Company, any taxes withheld by the Company. The Depositary and the Custodian shall not be required to provide the Holders with any evidence of the remittance by the Company (or its agents) of any taxes withheld, or of the payment of taxes by the Company, except to the extent the evidence is provided by the Company to the Depositary or the Custodian, as applicable. Neither the Depositary nor the Custodian shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits on the basis of non-U.S. tax paid against such Holder’s or Beneficial Owner’s income tax liability. The Depositary is under no obligation to provide the Holders and Beneficial Owners with any information about the tax status of the Company. The Depositary shall not incur any liability for any tax consequences that may be incurred by Holders and Beneficial Owners on account of their ownership of the ADSs, including without limitation, tax consequences resulting from the Company (or any of its subsidiaries) being treated as a “Passive Foreign Investment Company” (in each case as defined in the U.S. Internal Revenue Code and the regulations issued thereunder) or otherwise.

  • General Tax Covenant The Recipient shall not take any action or fail to take any action which would adversely affect the exclusion of interest on the Infrastructure Bonds from gross income for federal income tax purposes;

  • Special Taxing Districts SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL OBLIGATION INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON THE TAXABLE PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE PLACED AT RISK FOR INCREASED MILL LEVIES AND TAX TO SUPPORT THE SERVICING OF SUCH DEBT WHERE CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A DISTRICT TO DISCHARGE SUCH INDEBTEDNESS WITHOUT SUCH AN INCREASE IN MILL LEVIES. BUYERS SHOULD INVESTIGATE THE SPECIAL TAXING DISTRICTS IN WHICH THE PROPERTY IS LOCATED BY CONTACTING THE COUNTY TREASURER, BY REVIEWING THE CERTIFICATE OF TAXES DUE FOR THE PROPERTY AND BY OBTAINING FURTHER INFORMATION FROM THE BOARD OF COUNTY COMMISSIONERS, THE COUNTY CLERK AND RECORDER, OR THE COUNTY ASSESSOR. A tax certificate from the respective county treasurer listing any special taxing districts that effect the Property (Tax Certificate) must be delivered to Buyer on or before Record Title Deadline. If the Property is located within a special taxing district and such inclusion is unsatisfactory to Buyer, in Buyer’s sole subjective discretion, Buyer may object, on or before Record Title Objection Deadline. If the Tax Certificate shows that the Property is included in a special taxing district and is received by Buyer after the Record Title Deadline, Buyer has until the earlier of Closing or ten days after receipt by Buyer to review and object to the Property’s inclusion in a special taxing district as unsatisfactory to Buyer.

  • EQUIPMENT TAX ASSESSMENT 17.1 Any bid for public improvement shall comply with Nebraska Revised Statutes Section 77-1323 and 77-1324. Indicating; every person, partnership, limited liability company, association or corporation furnishing labor or material in the repair, alteration, improvement, erection, or construction of any public improvement shall sign a certified statement which will accompany the contract. The certified statement shall state that all equipment to be used on the project, except that acquired since the assessment date, has been assessed for taxation for the current year, giving the county where assessed.

  • RELIEF FROM DOUBLE TAXATION 1. In accordance with the provisions and subject to the limitations of the law of the United States (as it may be amended from time to time without changing the general principle hereof), the United States shall allow to a resident or citizen of the United States as a credit against the United States tax on income:

  • Informational Tax Reporting The Assuming Institution agrees to perform all obligations of the Failed Bank with respect to Federal and State income tax informational reporting related to (i) the Assets and the Liabilities Assumed, (ii) deposit accounts that were closed and loans that were paid off or collateral obtained with respect thereto prior to Bank Closing, (iii) miscellaneous payments made to vendors of the Failed Bank, and (iv) any other asset or liability of the Failed Bank, including, without limitation, loans not purchased and Deposits not assumed by the Assuming Institution, as may be required by the Receiver.

  • PAYROLL TAXES Employer shall have the right to deduct from the compensation and benefits due to Employee hereunder any and all sums required for social security and withholding taxes and for any other federal, state, or local tax or charge which may be in effect or hereafter enacted or required as a charge on the compensation or benefits of Employee.

  • Tax Unless specified otherwise in the Proclamation of sale, if the sale of this property is subjected to Tax, such Tax will be payable and borne by the Purchaser.

Time is Money Join Law Insider Premium to draft better contracts faster.